HomeMy WebLinkAbout~Master - Providing for the Issue of Sewer Bonds, Levy of Taxes ORDINANCE NO. 688
AN ORDINANCE PROVIDING FOR THE ISSUE OF $ 200,000
SEWER BONDS OF THE CITY OF AMES, IOWA, AND FOR
THE LEVY OF TAXES TO PAY THE SAME.
WHEREAS the City of Ames, in the County of Story, and State of
Iowa, heretofore, pursuant to and in strict compliance with all laws applicable,
lawfully ordered and provided for building and constructing a sewer witlet and
purifying plant in and for said City, the cost whereof to the amount of Two Hun-
dred Thousand Dollars ($200,000) is to be paid at this time by said City as a
whole by the issuance of bonds; and
WHEREAS it is necessary and advisable that provisions be made
for the issuance of bonds of said City in the sum of $200,000 to defray the cost
to that amount, of building and constructing said sewer outlet and purifying plaAt
in and for said City; and
WHEREAS notice and hearing on the initiation of proceedings for
the issuance of said bonds has heretofore been given in manner and form re-
quired by Section 23.12 of the Code of Iowa, and no petition or protest has been
filed:
NOW, THEREFORE, Be It Ordained by the City Council of the City
of Ames, Iowa, as follows:
Section 1. That pursuant to and as authorized by Section 396.22 of
the Code of Iowa there shall be and there is hereby ordered issued the nego-
tiable Sewer Bonds of said City of Ames in the principal amount of $200,000;
that said bonds are to be 200 in number, dated March 1 , 1950, of which bonds
numbered 1 to 20, inclusive, shall bear interest at the rate of four per cent
(4d/o) per annum, bonds numbered 21 to 145, inclusive, shall bear interest at
the rate of one and one half per cent (1 1/2/o) per annum, and bonds numbered
146 to 200, inclusive, shall bear interest at the rate of one and seven tenths
per cent (1.7%) per annum from the date of said bonds until paid, payable Nove -
ber 1, 1950, and semi-annually thereafter on the first days of May and November
in each year; that said bonds be signed by the Mayor and attested by the City Gler.
and the seal of said City affixed, and be registered as to issuance by the City
Treasurer and a certificate of such registration endorsed thereon; that interes
on said bonds be evidenced by coupons thereto attached and maturing on the
several days when such interest matures, which coupons shall be executed wit
the facsimile signatures of said officials, and said Mayor and City Clerk, by
the execution of said bonds, shall adopt as and for their proper signatures
their respective facsimile signatures appearing on said coupons; and that both
principal and interest be payable in lawful money of the United States of
America, at the office of the City Treasurer in and of the City of Ames, Iowa;
that said bonds be of the denomination of $ 1,000 each, be numbered consecu-
tively from 1 to 200, both numbers included, and become due and payable in th it
numerical order as follows $5,000 on May 1, 1951, $ 10,000 on May 1, 1952,
$5,000 on May 1, 1953, $ 10,000 on May 1 of each of the years 1954 to 1964,
inclusive, $ 13,000 on May 1, 1965, $ 10,000 on May 1, 1966, and $ 15,000 on
May 1 of each of the years 1967 to 1969, inclusive; pro aided, said City shall
reserve the option to call and redeem bonds numbered 71 to 200, inclusive,
prior to maturity upon terms of par and accrued interest in whole o.: from tim
to time in part in the inverse order of their numbering on any interest paymen
date on or after May 1, 1958, and in the event of the exercise of such right of
redemption it is agreed that notice thereo` identifying the bond or bonds to be
redeemed will be given by publication at least once not less than thirty days
prior to the redemption date in a newspaper of general circulation throaghaut he
State of Iowa. All such bo-ids thus called for redemption and for the retiremelLt
of which funds are duly proaided will cease to bear interest on such redemp-
tion date.
Section 2. That each of said bonds be subject to registration as to
principal in the name of the holder on the boo-':s of the City Treasurer, such
registration being noted upon each bond so registered, and after such regis-
tration payment of the principal thereof shall be made only to :,he registered
holder, Any bonds so registered, upon the request in writing of such holder,
personally or by attorney in fact, may be transferred either to a designated
transferee o- to bearer, and the principal of any bonds so transferred and
registered to bearer shall thereupon be and become payable to bearer in like
manner as if such bond had never been registered. Registratio_Z of any bonds as
to principal shall not restrain the negotiability of the coupons thereto attached
by delivery merely.
Section 3. That said bonds, coupons and provisions for registra-
tion be in substantially the following form;
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF IOWA COUNTY OF STORY
CITY OF AMES
` SEWZR BOND
No. $ 1,000
KNOW ALL MEN BY THESE PRESENTS; That the City of Ames,
in the County of Story and State of Iowa, for value received, promises to pay
to bearer, or if this bond be registered as to principal, to the registered holdex
hereof, the sum of One Thousand Dollars ($ 1,000) oz the first day of May, 19 ,
with interest on said sum from the date hereof at the rate of
per cent ( %) per annum, payable November 1, 1950, and semi-annually
thereafter on the first days of May and November in each year until paid, excel t
as to the provisions hereinafter set forth with respect to redemption prior to
-maturity may be and become applicable hereto, all such interest accruing on
and prior to the maturity date hereof to be payable only on presentation and
surrender of the interest co-zpons hereto attached as they severally mature.
Both principal and interest of this bo_id are payable in lawful money of the Unit d
States of America at the office of the City Treasurer in and of the City of Ame ,
Iowa.
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This bond is one of a series of bonds numbered c onsecutively from
1 to 200, inclusive, issued by the City of Ames pursuant to and in strict com-
pliance with the provisions o_` Section 396.22 and Chapter 76 of the Code of Iow ,
and in conformity with an ordinance of the City Council of said City duly passe ,
approved and published for the purpose of building and constructing a sewer ou -
let and purifying plant in and for said City.
Said City reserves the onlion to call and redeem said bonds numbered
71 to 200, inclusive, prior to maturity upon terms of par and accrued interest, in
whole or from time to time in part in the inverse order of their numbering, oz
any interest payment date on or after May 1, 1958, and in the event of the exer-
cise of such right of redemption it is agreed that notice thereof identifying the
bond or bonds to be redeemed will be given by publication at least once not less
than thirty days prior to the redemption date in a newspaper of general circula ion
throughout the State of Iowa. All such bonds thus called for redemption and for
the retirement of which funds are duly provided will cease to Near interest o_i
such redemption date.
And it is hereby certified and recited that all acts, conditions and
things required by the laws and co_istitution of the State of Iowa to exist, to be
had, to be d•ie, or to be performed precedent to and in the issue of this bo-ld,
were and have been properly existent, had, done and performed in regular and
due form and time; that provision has been made for the levy of a sufficient
continuing annual tax o-7 all the taxable property within sad City for the payme t
of the principal and interest of this bond as the same will respectively become
due; that the faith, credit, revenues and reso-irces and all the real and persona
property of said City are irrevocably pledged for the prompt payment hereof,
both principal and interest; and that the total indebtedness of said City, includ-
ing this bond, does not exceed any constitutional or statutory limitations.
This bond is subject to registration as to principal in the name of
the holder on the books of the City Treasurer of said City, such registrationz t,%
be evidenced by notation o.- said Treasurer on the back hereof, and after such
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registration no transfer hereof, except upon such books and similarly noted
hereo-i, shall be valid unless the last registration shall have been to bearer.
Registration hereof shall not affect the negotiability of the coupons hereby at-
tached, which shall continue negotiable by delivery merely.
IN TESTIMONY WHEREOF, said City, by its City Council, has
caused this bond to be signed by its Mayor and attested by its City Clerk, with the
seal of said City affixed and the coupons hereto attached to be executed with the
facsimile signatures of said Mayor and City Clerk, which officials by the execu-
tion of this bond do adopt as and for their proper signatures their respective
facsimile signatures appearing on said coupo-is, all the first day of March, 195
Attest; Mayor of the -City of Ames, Iowa
Clerk of the City of Ames, Iowa
(Form of Coupon
No. $
On 19 , the Treasurer of the City o`. Ames, in
Story County, Iowa, will pay to 'Dearer Dollars
($ ) at the office of the City Treasurer, Ames, Iowa, fo- interest due..
that date on its Sewer Bo.id, dated March 1, 1950, No.
Attest: Mayor
City Clerk
(Form of Registration of Ownerhsip)
Date of Name o`. Signature of
Registration Registered Owner City Treasurer
On the back of each bond there shall be endorsed a certificate of
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the City Treasurer in the following form;
CITY TREASURER'S CERTIFICATE
This issuance of this bond has been duly and properly registered
in my office as of the first day of March, 1950.
Treasurer of the City of Ames, Iowa
Section 4. That said bonds be executed as herein provided as soon
after the adoption of this ordinance as may bQ and thereupon they shall be de-
livered to the Treasurer of said City, who shall register the fact of the issu-
ance of same in a book provided for that purpose and shall deliver said bonds
to the purchasers, as determined by this Council, upon receipt o-' the purchase
price, the same to be not less than the par value or said bonds with accrued in-
terest thereon.
Section 5. That as required by ,Section 76.2 of the Code of Iowa and
for the purpose of providing for the levy and collection of a direct annual tax
sufficient to pay the interest on said bonds as it falls due, and also to pay and
discharge the principal thereof at maturity, there be and there is hereby levied
upon all the taxable property in said City in each o` the years while said bonds
or any o' them are ortstanding, a tax sufficient for that purpose, and in further-
ance of this provision buy not in limitation thereof that there be and there is
hereby levied o_i all the taxable property in said City the following direct annual
tax, to wit;
Year of Levy Amount Year of Levy Amount
1950 $ 16,643.00 1960 $ 11,794.00
1951 $ 10,782.00 1961 $ 11,619.00
1952 $ 10,672.00 1962 $ 11,444.00
1953 $ 13,019.00 1963 $ 13,769.00
1954 $ 12,844.00 1964 $ 13,529.00
1955 $ 12,669.00 1965 $ 13,332.00
1956 $ 12,494.00 1966 $ 15,591.00
1957 $ 12,319.00 1967 $ 15,329.00
1958 $ 12,144.00 1968 $ 7,566.00
1959 $ 11,969.00
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A
Said taxes when collected shall be converted into a special fund for the paymen
of principal and interest of the bonds hereby authorized and no other purpose
whatsoever.
That the principal or interest coning due at any time when there
are insufficient funds o.i hand to �)ay the same be promptly paid when due from
current funds on hand, and reimbursement be made to such current funds in th
sums thus advanced when the taxes herein provided shall have been collected.
Section 6. That a certified copy of this ordinance be filed with the
County Auditor of Story County and that said County Auditor be and he is hereb
instructed in and for each of the years 1950 to 1968, inclusive, to enter for col
lection and assess the tax hereby authorized.
Section 7. That all ordinances and resolutions or parts thereof in
conflict herewith be and the same are hereby repealed.
Passed and approved April 10, 1950.
i
Attest: W. L. Allan, Mayor
JTW. Prather, City Cle-rk
Moved by Bauge, seconded by Ho -ning, that Ordinance No. 688 be passed on its
first reading.
Voting Aye: Bauge, De La Hunt, Horning, Winfrey, Moore
Voting Nay: None
Absent: Griffith
Moved by Moore, seconded by Bauge, that the rules be suspended, the second
and third readings omitted, and Ordinance No. 688 placed o_i final passage.
Voting Aye: Bauge, De La Hunt, Horning, Winfrey, Moore
Voting Nay: None
Absent: Griffith
Moved by De La Hunt, seconded by Winfrey, that Ordinance No. 688 do now pas
Voting Aye: Bauge, De La Hunt, Horning, Winfrey, Moore
Voting Nay: None
bsent: Griffith
Mayor declared Ordinance No. 688 passed.
I, J. W. Prather, City Clerk of the City of Ames, Iowa, do hereby certify that
the above and foregoing Ordinance No. 688 was duly and properly passed at a
meeting of the City Council on the loth day of April, 1950, and published in the
Ines Daily Tribune on the /l# day of April, 1950.
J . Prather, City Clerk